Legend Biotech (NASDAQ:LEGN) Shares Gap Up to $50.12

Shares of Legend Biotech Co. (NASDAQ:LEGN) gapped up prior to trading on Wednesday . The stock had previously closed at $50.12, but opened at $51.39. Legend Biotech shares last traded at $49.66, with a volume of 74,549 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on LEGN shares. UBS Group increased their price target on Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Scotiabank initiated coverage on Legend Biotech in a research note on Tuesday, December 19th. They set a “sector perform” rating and a $65.00 target price for the company. Cantor Fitzgerald initiated coverage on Legend Biotech in a research note on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 target price for the company. Barclays raised their target price on Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $85.00 target price on shares of Legend Biotech in a research note on Thursday, March 7th. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Legend Biotech has an average rating of “Moderate Buy” and a consensus price target of $82.70.

Legend Biotech Trading Down 3.0 %

The stock has a market capitalization of $8.84 billion, a PE ratio of -34.78 and a beta of 0.01. The company has a quick ratio of 6.83, a current ratio of 6.92 and a debt-to-equity ratio of 0.22. The firm has a 50 day moving average price of $60.03 and a 200 day moving average price of $61.15.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.30. The firm had revenue of $76.50 million for the quarter, compared to the consensus estimate of $95.63 million. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. Legend Biotech’s quarterly revenue was up 177.2% compared to the same quarter last year. Equities analysts expect that Legend Biotech Co. will post -1.42 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds have recently made changes to their positions in the business. Adage Capital Partners GP L.L.C. raised its stake in Legend Biotech by 101.5% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock valued at $114,761,000 after acquiring an additional 860,410 shares during the period. Westfield Capital Management Co. LP raised its stake in shares of Legend Biotech by 71.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,668,150 shares of the company’s stock valued at $112,050,000 after purchasing an additional 696,096 shares during the period. Schonfeld Strategic Advisors LLC purchased a new stake in Legend Biotech during the 3rd quarter worth about $974,000. Massachusetts Financial Services Co. MA boosted its stake in Legend Biotech by 12.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,867,032 shares of the company’s stock worth $125,409,000 after purchasing an additional 212,327 shares during the period. Finally, SG Americas Securities LLC boosted its stake in Legend Biotech by 50.2% in the 4th quarter. SG Americas Securities LLC now owns 40,033 shares of the company’s stock worth $2,409,000 after purchasing an additional 13,381 shares during the period. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Company Profile

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery, development, manufacturing, and commercialization of novel cell therapies for oncology and other indications in the United States, China, and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM).